The Long Boom of Bad Reporting

"Pick up The Wall Street Journal today, and the business pages are full of stories about the men and women who built the stock market bubble," writes business journalist Philip Longman. "But there's another sector of the economy, deeply implicated in the collapse, whose conflicts of interest, ethical lapses and naive enthusiasms have so far received little press attention: business journalism itself." Longman examines the conflicts of interest and delusions that led journalists to hype the stock market bubble. "Just as Americans put far too much faith in the integrity and intellectual prowess of stock analysts and other supposedly disinterested financial watchdogs during the boom," he writes, "they also put far too much stock in business journalism, and have a right to be disappointed and angry."